Tritax Big Box Reit Share Discussion Threads

[speedsgh] 03/8/2023 10:49

Debt maturity

At 30 June 2023, the Group's debt had an average maturity of 4.9 years (31 December 2022: 5.4 years), with the next maturity falling due in approximately 18 months and the farthest maturity falling due in more than 10 years.

We have begun the process of refinancing the £450 million RCF that expires in December 2024 and have held positive talks with our lenders and we expect to complete this process in the second half of the year.

[petewy] 20/7/2023 17:55

Try this. BBOX is of the three ideas.
hxxps://www.hl.co.uk/news/articles/3-share-ideas-that-could-ride-out-inflation?utm_campaign=EOF70%20-%20Inflation%20articles%20-%2019.07.2023&utm_source=AdobeCampaign&utm_medium=email&theSource=EOF70%20&e_cti=12705696&e_ct=F&Override=1&deliveryName=DM109861

[igoe104] 19/7/2023 09:09

Slowing inflation will be good news for undervalued reits ...

[killing_time] 19/7/2023 08:28

CPI figures are down.

[this tea tastes of chicken] 19/7/2023 08:27

That’s a big jump on this morning,did I miss something? I’m guessing on long term interest rates?

[dave129] 19/7/2023 08:27

+7% on the back of lower than expected inflation data in first 25mins of trading.

[sebfletcherrice] 18/7/2023 08:40

Exactly right - overlooked by many

[williamcooper104] 05/7/2023 11:16

Nice 660k big box let to Bowden's for 20 years Sold for £85m - 4 percent yield Highly likely to be above book value And will get put back into ground at 6-8

[dhoult12] 09/6/2023 19:45

Personally I think this and SHED for medium term are a good shout. Of course if we have long term hyper(or v high inflation) you lose but same in cash or realistically most bonds

[igoe104] 09/6/2023 18:57

A bank account isn't 30 odd % below its nav, so lots of future potential upside..

[yump] 09/6/2023 18:13

The comparison with banks and fixed interest bonds depends on getting your timing right. When there’s a sign that interest rates have peaked, how long would there be to move fixed rate savings into high yielding stocks ?

If they jumped, you’d almost certainly lose out on an instant capital gain, unless you were running a lower rate instant access fixed rate account.

[williamcooper104] 09/6/2023 18:02

Firstly it's a 4.8 yield that's well covered with almost no interest rate/cut risk; unlike many indeed most other REITs Secondly a 4.8 yield means it can raise equity costing a divi yield of 4.8 and invest it at 6-8 development yield It's the largest land bank in the UK; so it can rinse and repeat that to more than double the size of the company You need to compare the 4.8 taking into account that it's rock solid and that total medium/long term returns are > 10 percent Relative to putting in a bank I bough some LAND bonds maturing next year at a 6.3 YTM (there's virtually no credit risk in those)

[feddie] 09/6/2023 16:16

A bank account balance does not have a capital gain upside.

[scruff1] 15/5/2023 11:01

A bit slow today Skinny !!

[williamcooper104] 24/4/2023 21:51

Ebox does benefit from having nearly half its rent roll on uncapped CPI But it's still vulnerable; whereas you really need to hugely stress things for BBOX to be cutting its dividend

[nickrl] 24/4/2023 20:14

EBOX RCF is EURIBOR 3mth + 1.2 to 1.7 depending on LTV but can't find specific terms but given they will have used 130m of the RCF by the time cap expires this debt will be 4.46 to 4.96 based on todays EURIBOR 3mth rate so will account for half the interest charge upon expiry of cap. Of course if ECB keep raising will become worse although EU inflation looks on abetter trajectory than the UK.

[hindsight] 24/4/2023 16:56

Skyship, 40% LTV figure I have on spreadsheet. Its just I dont want to hold large size in 40% LTVs. Like the gross divi on EBOX so different world for me than BBOX but 40% LTV stops it being a 10% limit holding

[williamcooper104] 24/4/2023 16:23

And it's 40 percent LTV now - it was 35 at last balance sheet date but they guided towards a normalised 40 once capex was spent